North America’s four major stock market indices shuffled sideways in June. The only month-end to month-end gainer versus May was NASDAQ, at +3.4%. The other three indices stayed flat. Stock markets usually try to get out front of economic activity and profit levels by six months. Indications that much of the negative news was slowing, and in some cases reversing, caused up-ticks in stock prices over the previous several months. However, this momentum has dissipated and uncertainty has set in.

The performance of NASDAQ is something to keep an eye on. It is interesting that employment in computer system design work is one of the few private sector categories to have fallen very little over the course of this …